Ponzi Payback: Treachery of the Highest Order
Andersen insurer pulls plug on Baptist Foundation of Arizona settlement.
Chuck Fager | posted 4/22/2002 12:00AM

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Andersen insurer backs out of Arizona legal settlement - Chicago Tribune (March 30, 2002)
Andersen Dealt Another Setback as Talks Over Civil Case Stall - The New York Times (March 30, 2002)
Leaderless at Arthur Andersen When Direction Is Needed - The New York Times (March 30, 2002)
Andersen: Insurer Unable to Pay - Associated Press (March 29, 2002)
Andersen Plans a Split, as U.S. Signals Continued Prosecution - The New York Times (March 29, 2002)
Auditor to Pay $217 Million to Settle Suits - The New York Times (March 2, 2002)
Arthur Andersen and the Baptists - Salon.com (Feb. 7, 2002)
Christianity Today's previous coverage of the Baptist Foundation of Arizona collapse includes:
Elderly Investors Target AccountantBut Baptist Foundation of Arizona victims will have to wait in line. (May 17, 2001)
Indictments Handed DownFive former Baptist Foundation of Arizona officials plead not guilty to theft, fraud, and racketeering (May 17, 2001)
Baptist Foundation of Arizona Declares BankruptcyTroubled agency, accused of lawbreaking, offers restructuring plan. (Nov. 9, 1999)
Baptist Foundation Faces Investment Fraud ChargesFreeze on redemptions leaves pensioners in a pinch. (Oct. 25, 1999)
The Arizona Republic, a major Phoenix daily, has numerous BFA articles in its archives, but charges a $2 fee to read each of them. However, many of these articles are also available free at BFAFraud.com, a lengthy, opinionated, and very informative unofficial site maintained by two articulate and angry BFA investors. BFAFraud.com has also posted the "smoking gun" letters and memos from BFA's own whistleblowers, which were ignored and dismissed by its disgraced former management.
Mainly for investors, the BFA Liquidation Trust (successor to BFA itself) has many reports, press releases, and other documents.
There is even a dedicated BFA discussion-chat forum, where investors and others commiserate, rail, pray, and speculate daily about the chances of getting their money back and putting the culprits behind bars.
Hundreds of pages' worth of the complete court filings in the BFA bankruptcy case are available at the District of Arizona Bankruptcy Court site.